Hologic Inc (HOLX) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good afternoon and welcome to Hologic's third quarter fiscal 2025 earnings conference call. My name is Lisa, and I'll be your operator for today's call. (Operator Instructions) I would now like to introduce Mike Watts, Corporate Vice President, Investor Relations, to begin our call.

女士們、先生們，下午好，歡迎參加 Hologic 2025 財年第三季財報電話會議。我叫麗莎，今天我將擔任您的電話接線生。（操作員指示）現在，我想介紹公司投資者關係副總裁 Mike Watts 來開始我們的電話會議。

Thank you, Lisa. Good afternoon and thank you for joining Hologic's third quarter fiscal 2025 earnings call. With me today is Stephan MacMillan, the company's Chairman, President and Chief Executive Officer; Essex Mitchell, our Chief Operating Officer; and Karleen Oberton, our Chief Financial Officer.

謝謝你，麗莎。下午好，感謝您參加 Hologic 2025 財年第三季財報電話會議。今天與我一起出席的有公司董事長、總裁兼執行長 Stephan MacMillan、營運長 Essex Mitchell 和財務長 Karleen Oberton。

Our third quarter press release is available now on the Investors Section of our website. We will also post our prepared remarks to our website shortly after we deliver them, and a replay of this call will be available for 30 days.

我們的第三季新聞稿現已發佈在我們網站的投資者部分。我們也會在發表演說後不久將準備好的發言發佈到我們的網站上，而本次通話的重播將保留 30 天。

Before we begin, we'd like to inform you that certain statements we make today will be forward-looking. These statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied.

在我們開始之前，我們想通知您，我們今天所做的某些聲明將具有前瞻性。這些聲明涉及已知和未知的風險和不確定性，可能導致實際結果與明示或暗示的結果有重大差異。

Such factors include those referenced in the Safe Harbor statement included in our earnings release and SEC filings. Also during this call, we will discuss certain non-GAAP financial measures.

這些因素包括我們的收益報告和美國證券交易委員會 (SEC) 文件中的安全港聲明中提到的因素。此外，在本次電話會議中，我們還將討論某些非公認會計準則財務指標。

A reconciliation to GAAP can be found in our earnings release. Two of these non-GAAP measures are organic revenue, which we define as revenue excluding divested businesses and revenue from acquired businesses owned by Hologic for less than one year.

在我們的收益報告中可以找到與 GAAP 的對帳。其中兩個非公認會計準則指標是有機收入，我們將其定義為不包括剝離業務的收入和 Hologic 擁有不到一年的收購業務的收入。

Also organic revenue excluding COVID-19, which further excludes COVID-19 asset revenue and other revenue related to COVID-19. Finally, any percentage changes that we discussed will be on a year over year basis, and revenue growth rates will be in constant currency unless otherwise noted.

此外還有不包括 COVID-19 的有機收入，進一步排除了 COVID-19 資產收入和與 COVID-19 相關的其他收入。最後，我們討論的任何百分比變化都將以同比為基礎，並且收入增長率將以固定貨幣計算，除非另有說明。

Now I'd like to turn the call over to Stephen MacMillan, the Hologic's CEO.

現在我想把電話轉給 Hologic 的執行長 Stephen MacMillan。

Thank you, Mike, and good afternoon, everyone. Thanks for joining us to discuss our financial results for the third quarter of fiscal 2025. We're pleased with our performance in the quarter as we delivered both revenue and non-GAAP earnings per share that exceeded our guidance.

謝謝你，麥克，大家下午好。感謝您加入我們討論 2025 財年第三季的財務表現。我們對本季的表現感到滿意，因為我們的收入和非公認會計準則每股收益都超出了我們的預期。

We've admittedly hit a few speed bumps in the last couple of quarters, but we view our results as clear evidence of the significant progress we have made in putting these bumps behind us as we return to higher growth while improving women's health.

我們承認在過去的幾個季度中我們遇到了一些障礙，但我們認為我們的業績清楚地證明我們在克服這些障礙方面已經取得了重大進展，因為我們在恢復更高增長的同時改善了女性的健康狀況。

We have more work to do, but we believe our performance in the third quarter has us very well positioned for better results as we close out fiscal 2025 and move into next year.

我們還有很多工作要做，但我們相信，隨著我們結束 2025 財年並進入明年，第三季的表現將使我們處於非常有利的位置，能夠取得更好的業績。

Specifically, total revenue for the third quarter was $1.024 billion. This represented slight growth of 0.4% and exceeded the high end of our guidance range by about $14 million.

具體而言，第三季總營收為10.24億美元。這代表著 0.4% 的小幅增長，並且超出了我們指導範圍的高端約 1400 萬美元。

Our diagnostics business continued to grow nicely compared to the prior year, and our breast health business improved sequentially as planned. Surgical met expectations, and we got a positive contribution from our skeletal franchise as previous supply constraints lifted.

我們的診斷業務與去年相比持續保持良好成長，我們的乳房健康業務也按計劃連續改善。外科手術達到了預期，並且由於先前的供應限制解除，我們的骨骼特許經營業務獲得了積極的貢獻。

These solid revenue results helped non-GAAP earnings per share reach $1.08 in the third quarter. This was a slight increase of 1.9% compared to a year ago and a penny above the high end of our guidance range. We maintained a very strong non-GAAP operating margin just above 30% as we controlled expenses across the organization and mitigated some tariff impacts.

這些穩健的收入結果幫助第三季的非公認會計準則每股收益達到 1.08 美元。與去年同期相比，這一數字略有增長 1.9%，比我們的指導範圍高端高出一美分。由於我們控制了整個組織的開支並減輕了一些關稅的影響，我們保持了非常強勁的非公認會計準則營業利潤率，略高於 30%。

Importantly, our third quarter financial results have us squarely on the path toward accelerating growth that we described in our last call. In fact, we completed our annual strategic planning process earlier this summer and are optimistic that we will return to solid mid-single digit organic revenue growth next year and over our strap plan horizon.

重要的是，我們的第三季財務業績使我們正走在上次電話會議上描述的加速成長的道路上。事實上，我們在今年夏初就完成了年度戰略規劃流程，並樂觀地認為，明年以及在我們的計劃期內，我們將恢復穩健的中等個位數有機收入增長。

A key reason we are confident in this outlook is the strengthening of our breast health business. I want to spend a little time on this today since it has understandably been a focus for investors.

我們對這一前景充滿信心的一個關鍵原因是我們的乳房健康業務的加強。今天我想花一點時間討論這個問題，因為可以理解的是，這個問題已經成為投資人關注的焦點。

Although breast health revenues declined in the third quarter versus the prior year, this was expected. In fact, quarterly sales finished slightly ahead of our internal expectations. I want to highlight three areas that underpin this performance and excite us about our future.

儘管第三季乳腺保健收入與去年同期相比有所下降，但這是意料之中的。事實上，季度銷售額略高於我們的內部預期。我想強調支撐這項業績並讓我們對未來充滿期待的三個領域。

First, better commercial execution both in imaging and interventional. In the third quarter, we shipped more 3D gantries than in the prior quarter, validating the sequential improvement we had forecast.

首先，在影像和介入方面實現更好的商業執行。第三季度，我們的 3D 龍門架出貨量比上一季增加，驗證了我們預測的連續改善。

In the United States especially, our new commercial leadership team began to build on the bifurcated sales structure and tighter processes they established earlier in the year. Based on this foundation, we rolled out a new strategy to upgrade older end of life gantries, which we expect to bear more fruit in the fourth quarter and into 2026.

尤其是在美國，我們的新商業領導團隊開始在他們今年早些時候建立的分叉銷售結構和更嚴格的流程的基礎上進行建設。在此基礎上，我們推出了一項新策略，對老舊的龍門架進行升級，我們預計該策略將在第四季和 2026 年取得更多成果。

As we have previously discussed, gantry replacement cycles have become longer, but we remain encouraged that our leading market share remains intact, and we believe this has been validated by competitive gantry winds in recent quarters.

正如我們之前所討論的，龍門架更換週期已經變得更長，但我們仍然感到鼓舞的是，我們的領先市場份額仍然完好無損，並且我們相信最近幾個季度的競爭性龍門架風已經證實了這一點。

And while all this was happening in mammography, interventional sales increased 6% organically, reflecting an easier comparable, but also the early benefits of our more focused domestic sales force. The second reason we are excited about breast health and a major reason we continue to win competitively, is our consistent delivery of both clinical and product innovation.

儘管乳房 X 光攝影領域正在發生這一切，但介入銷售額卻有機增長了 6%，這不僅反映了更容易比較的結果，也反映了我們更專注的國內銷售隊伍的早期優勢。我們對乳房健康感到興奮的第二個原因，也是我們繼續在競爭中獲勝的一個主要原因，是我們始終如一地進行臨床和產品創新。

For example, a retrospective study we published recently with physicians from Sanford Health in South Dakota, evaluated more than 180,000 mammograms conducted over 10 years.

例如，我們最近與南達科他州桑福德健康中心的醫生合作發表了一項回顧性研究，評估了 10 年來進行的 180,000 多例乳房 X 光檢查。

This real world study found that high resolution 3D mammography conducted with our Clarity HD software was associated with higher cancer detection rates than our standard resolution 3D.

這項真實世界研究發現，使用我們的 Clarity HD 軟體進行的高解析度 3D 乳房 X 光攝影比我們的標準解析度 3D 具有更高的癌症檢測率。

This is one of scores of clinical studies published by our radiology customers that demonstrate the value of our technologies, creating by far the deepest body of evidence in our category.

這是我們的放射學客戶發表的眾多臨床研究之一，證明了我們技術的價值，創造了迄今為止我們類別中最深厚的證據。

In terms of product innovation, this quarter we are launching our latest artificial intelligence solution, Genius AI Detection Pro, which will extend our leadership and breast focused software. This cloud-based solution developed with our partner Therapixel is essentially an all in one AI assistant for the radiologist.

在產品創新方面，本季我們將推出最新的人工智慧解決方案 Genius AI Detection Pro，這將擴展我們的領導地位和專注於乳房的軟體。我們與合作夥伴 Therapixel 共同開發的基於雲端的解決方案本質上是放射科醫生的一體化 AI 助理。

It analyses prior and current mammograms through a 2D and 3D deep learning algorithm for increased accuracy and faster throughput. A single streamlined interface boosts efficiency up to a 24% reduction in reading time. By capturing all key information in one place this includes breast density scores, patient history, and lesion and case scores.

它透過 2D 和 3D 深度學習演算法分析之前和目前的乳房 X 光照片，以提高準確性並加快吞吐量。單一簡化的介面可提高效率，將閱讀時間減少 24%。透過在一個地方捕獲所有關鍵訊息，包括乳房密度評分、患者病史以及病變和病例評分。

The software will even check image quality and automatically pre-populate the radiologist's report with key findings. It is being sold as an upgrade on our three dimension system now and will be available on our next generation instrument and vision when it launches next year.

該軟體甚至會檢查影像質量，並自動將關鍵發現預先填充到放射科醫生的報告中。現在它作為我們三維繫統的升級版出售，並將於明年推出的下一代儀器和視覺系統上使用。

Third, we're really excited about Endomagnetics which we acquired last summer. Endomag expands our portfolio of breast surgery products as we offer additional value across the entire breast cancer continuum of care.

第三，我們對去年夏天收購的 Endomagnetics 感到非常興奮。Endomag 擴大了我們的乳房手術產品組合，為我們在整個乳癌護理過程中提供額外的價值。

As a reminder, Endomag markets two primary disposable products. Magseed, a tiny wireless seed that enables breast surgeons to quickly find and remove a tumour. And Magtrace, a radiation-free tracer that finds and maps target lymph nodes to be removed or biopsied during surgery. Both products operate with a small piece of capital called the Sentimag system.

提醒一下，Endomag 銷售兩種主要的一次性產品。Magseed 是一種微型無線種子，可以幫助乳房外科醫生快速找到並切除腫瘤。Magtrace 是一種無輻射示蹤劑，可在手術過程中找到並繪製需要切除或活檢的目標淋巴結。這兩種產品的運作都依賴一小塊名為 Sentimag 系統的資金。

In the third quarter, Endomag contributed nearly $20 million of revenue at a very healthy gross margin. The business has been exceeding our deal model and will begin adding to organic growth rates in August.

第三季度，Endomag 以非常健康的毛利率貢獻了近 2,000 萬美元的收入。業務已經超出了我們的交易模式，並將在八月開始增加有機成長率。

Before I turn the call over to Essex, let me conclude by saying that the operative word for Hologic in the third quarter was progress.

在我將電話轉給埃塞克斯之前，我想最後說一下，對於 Hologic 來說，第三季的關鍵字是進步。

Progress in exceeding our near-term financial commitments, progress in strengthening our breast health business and progress toward accelerating overall company growth in the fourth quarter as well as '26 and beyond.

我們在超額完成近期財務承諾、加強乳房健康業務以及加速第四季度以及 26 年及以後公司整體成長方面取得了進展。

All in all, we are confident in our path and optimistic about our future. Now I will turn the call over to Essex.

總而言之，我們對我們的道路充滿信心，對我們的未來充滿樂觀。現在我將把電話轉給埃塞克斯。

Thank you, Steve, and good afternoon everyone. In my remarks today, I will first review our divisional revenue performance in the third quarter. Then I'll provide an update on the positive progress we have made in mitigating tariffs.

謝謝你，史蒂夫，大家下午好。在今天的演講中，我將首先回顧我們第三季度的部門收入表現。然後我將介紹我們在降低關稅方面取得的積極進展。

As Steve said, our results in the third quarter were strong, with revenue of $1.024 billion exceeding the high end of our guidance. While we face several challenges this year, we believe they would be temporary, and we're excited to see the momentum building across the business as we look toward FY26.

正如史蒂夫所說，我們第三季的業績表現強勁，營收達到 10.24 億美元，超過了我們預期的最高水準。雖然我們今年面臨許多挑戰，但我們相信這些挑戰都是暫時的，展望 2026 財年，我們很高興看到整個業務的發展勢頭強勁。

Starting in diagnostics.

從診斷開始。

Third quarter revenue of $448.9 million grew 0.9% or 2.9% organically excluding COVID-related sales. As a reminder, much of the geopolitical turmoil we've discussed this year affects our diagnostics business. Specifically, funding cuts to US aid in Africa and the challenging operating environment in China lowered otherwise solid growth in the third quarter.

第三季營收為 4.489 億美元，成長 0.9%，若不包括 COVID 相關銷售額，則有機成長 2.9%。提醒一下，我們今年討論的大部分地緣政治動盪都會影響我們的診斷業務。具體而言，美國削減對非洲的援助資金以及中國嚴峻的經營環境，導致第三季原本穩健的成長動能減弱。

As our team navigates these headwinds. The underlying growth drivers and diagnostics remain strong. We're still in the early innings of vaginitis and Biotheranostics opportunities worldwide panther utilization continues to reach new all-time highs. And our cytology customers are excited about the rollout of our genius digital cytology platform.

我們的團隊正在克服這些困難。潛在的成長動力和診斷依然強勁。我們仍處於陰道炎和生物治療的早期階段，全球豹的利用率持續達到歷史新高。我們的細胞學客戶對我們天才的數位細胞學平台的推出感到非常興奮。

Molecular diagnostics continue to lead the way in the third quarter, with global growth of 2.4% or 5.2% excluding COVID. In the United States, molecular growth molecular grew 7.3%, excluding COVID.

分子診斷在第三季繼續領先，全球成長率為 2.4%，不包括 COVID 則為 5.2%。在美國，不包括 COVID，分子增長了 7.3%。

Growth was driven by strong sales of our BV CV/TV and our portfolio of Panther fusion assays. Our diagnostics team has done an outstanding job taking BV CV/TV from a new product in 2019 to what is now our second largest asset.

成長主要得益於我們的 BV CV/TV 和 Panther 融合檢測產品組合的強勁銷售。我們的診斷團隊出色地完成了工作，將 BV CV/TV 從 2019 年的新產品發展成為現在我們的第二大資產。

Much of the growth we realized at this point has been from converting existing manual testing to our fully automated high throughput panther system. There's still meaningful op opportunity to convert more of this testing demonstrated by several key account wins this quarter.

目前，我們實現的大部分成長來自於將現有的手動測試轉換為我們的全自動高通量 Panther 系統。本季贏得的幾個重要客戶證明，仍有有意義的營運機會來轉化更多此類測試。

But the larger opportunity will be to reach the estimated 60% of women in the US who aren't tested at all when they experience vaginitis symptoms.

但更大的機會是讓美國約 60% 的女性在出現陰道炎症狀時根本沒有接受檢測。

To this end, we've deployed our physician sales force to provide education and awareness at the provider level, leveraging the same strategy we use to grow testing for sexually transmitted infections.

為此，我們部署了醫生銷售隊伍，在供應商層級提供教育和宣傳，並利用我們用於增加性傳染感染檢測的相同策略。

Before moving on, I'd like to highlight our panther fusion sidecar and how it will play a key role in diagnostics growth moving forward. As we emerged from the pandemic, two things became clear across our customer base.

在繼續之前，我想重點介紹我們的 Panther Fusion Sidecar，以及它將如何在未來的診斷成長中發揮關鍵作用。隨著我們擺脫疫情，我們的客戶群中出現了兩件事情變得清晰起來。

Customers loved the workflow advantages of the panther, and labs were looking to consolidate their testing onto fewer platforms. The latter is the opportunity for Panther fusion, fusion uses PCR technology to unlock our full menu of 23+ assays spanning across several testing categories.

客戶喜歡 Panther 的工作流程優勢，而實驗室則希望將他們的測試整合到更少的平台上。後者是 Panther 融合的機會，融合使用 PCR 技術來解鎖我們涵蓋多個測試類別的 23 多個檢測的完整菜單。

Currently, fusion is mainly used for respiratory testing, but we've been seeing good traction this year as customers adopt more menus. In particular, our open access testing kits contributed to solid fusion growth in the third quarter. Open access gives labs the flexibility to run their own lab developed tests on our fusion platform.

目前，融合主要用於呼吸測試，但隨著客戶採用更多菜單，我們今年看到了良好的發展勢頭。特別是，我們的開放式測試套件促進了第三季融合的穩健成長。開放存取使實驗室能夠靈活地在我們的融合平台上運行自己實驗室開發的測試。

In addition, over the next several years, we plan to further diversify our menu by launching IBD tests for GI and hospital acquired infections. As we continue to deliver this innovation, it further [cementshologic] as an indispensable presence in the molecular lab.

此外，在未來幾年內，我們計劃透過推出針對胃腸道感染和醫院內感染的 IBD 測試來進一步豐富我們的服務項目。隨著我們繼續提供這項創新，它將進一步成為分子實驗室中不可或缺的存在。

Turning to our cytology and perinatal businesses, third quarter revenue declined 2.2%. This result was expected given the reduction in our China forecast that we discussed the last quarter.

談到我們的細胞學和圍產期業務，第三季營收下降了 2.2%。考慮到我們上個季度討論過的對中國市場的預測下調，這一結果是意料之中的。

Excluding China, cytology would have grown low single digits for the quarter, a solid result that was fuelled by the rollout of our genius digital diagnostic system. As we implement Genius at more laboratories around the world, we received resoundingly positive feedback.

除中國外，本季細胞學檢查的成長率僅為個位數，這一穩健的業績得益於我們天才的數位診斷系統的推出。隨著我們在世界各地更多實驗室實施 Genius，我們收到了非常積極的回饋。

Genius transforms the traditional manual review of past slides, which was previously conducted on glass under a microscope by capturing a digital image of the slide. This digital image can then be reviewed remotely from anywhere in the customer's network on our review station.

Genius 透過捕捉幻燈片的數位影像，改變了對過去幻燈片的傳統手動審查方式，以前這種審查是在顯微鏡下的玻璃上進行的。然後，我們就可以從客戶網路的任何地方在我們的審查站上遠端審查該數位影像。

Using our proprietary artificial intelligence algorithm, Genius identifies pre-cancerous lesions and cervical cancer cells for examination by lab professionals, enabling a faster, more accurate diagnosis.

Genius 使用我們專有的人工智慧演算法，識別癌前病變和子宮頸癌細胞，供實驗室專業人員檢查，實現更快、更準確的診斷。

These workflow advantages not only address the growing labour shortages our customers face, but also enable cervical cancer screening in areas of the world where infrastructure is limited.

這些工作流程優勢不僅解決了我們的客戶面臨的日益嚴重的勞動力短缺問題，而且還能夠在世界基礎設施有限的地區進行子宮頸癌篩檢。

Because the genius system requires an overhaul of the traditional pat screening workflow, we be, we expect the full roll out to be a multi-year process contributing to growth for the next several quarters.

由於天才系統需要徹底改革傳統的 pat 篩選工作流程，我們預計全面推出將是一個多年的過程，有助於未來幾季的成長。

Moving to breast.

移至乳房。

Revenue of $365.2 million declined 5.8% or 10.8% organically excluding Endomagnetics and SSI. The decline versus prior year was expected as the third quarter of FY24 presented our toughest comp of the year. Importantly, as Steve mentioned, revenue grew sequentially. Compared to the second quarter and finished slightly ahead of our internal goal.

收入為 3.652 億美元，下降 5.8%，若不包括 Endomagnetics 和 SSI，則有機下降 10.8%。由於 2024 財年第三季是我們今年面臨的最嚴峻的競爭情勢，因此與去年相比，業績出現下滑是意料之中的。重要的是，正如史蒂夫所提到的，收入連續成長。與第二季相比，略微超出了我們的內部目標。

We were encouraged to see the progress in Q3 that gives us confidence this business is rebounding and will return to growth in Q4. Most apparent in the third quarter results was the strong interventional performance, growing 31.8%. Endomagnetics played a big role in this growth.

我們很高興看到第三季的進展，這使我們相信該業務正在反彈並將在第四季度恢復成長。第三季業績中最明顯的是強勁的介入業績，成長了31.8%。內磁學在這一增長中發揮了重要作用。

And turns organic in Q4, but even excluding Endomagnetics, organic interventional sales grew 6%, showing the immediate impact of our refocused sales force.

第四季度實現了有機成長，但即使不包括 Endomagnetics，有機介入銷售額也成長了 6%，顯示出我們重新調整銷售隊伍的直接影響。

Turning to surgical, third quarter revenue of $178.4 million increased 6.3% or 1.2% organically excluding Gynesonics. Growth continues to be led by an international which grew 24.8%. The investments we've made in our commercial and market access capabilities outside the United States have significantly expanded the reach of our minimally invasive surgical products.

談到外科手術，第三季營收為 1.784 億美元，成長 6.3% 或有機成長 1.2%（不包括婦科手術）。國際市場持續引領成長，成長 24.8%。我們在美國以外的商業和市場准入能力方面所做的投資大大擴展了我們的微創手術產品的覆蓋範圍。

International surgical growth was driven by two key factors in the third quarter. Adoption in markets where reimbursement has recently been established and expanding into new markets altogether.

第三季國際外科手術的成長受到兩個關鍵因素的推動。在最近已建立報銷制度的市場中採用並擴展到新市場。

And we're encouraged by the strong momentum across our entire surgical portfolio. For example, NovaSure, which has faced challenges in the US, has consistently delivered double digit growth internationally over the past several quarters. This highlights the significant opportunity we still have to elevate women's health globally.

我們整個外科手術產品組合的強勁發展勢頭令我們感到鼓舞。例如，NovaSure雖然在美國面臨挑戰，但在過去幾季裡，其國際業務一直保持著兩位數的成長。這凸顯了我們在全球提升婦女健康水準的重大機會。

Finally, in our skeletal business, third quarter revenue of $31.3 million grew 62.1% as we resumed shipping our final DXA model in the quarter.

最後，在我們的骨骼業務中，第三季營收為 3,130 萬美元，成長了 62.1%，因為我們在本季恢復了最終 DXA 車型的出貨。

Sales were roughly in line with our expectations but higher than historic levels as we continue to meet pent up demand from the prior shipping hole.

由於我們繼續滿足先前運輸缺口所造成的被壓抑的需求，銷售額大致符合我們的預期，但高於歷史水準。

Before I turn the call over to Karleen, I wanted to provide an update on the positive progress we have made in mitigating the impact of global tariffs on our business.

在將電話轉給卡琳之前，我想先介紹一下我們在減輕全球關稅對我們業務的影響方面取得的積極進展。

As a reminder, last quarter we shared a worst case tariff estimate of $20 million to $25 million per quarter. We anticipated that approximately 2/3 of this amount would come from the 10% tariff on imports from Costa Rica.

提醒一下，上個季度我們分享了最壞情況的關稅估計，每季 2,000 萬至 2,500 萬美元。我們預計其中約三分之二將來自對哥斯大黎加進口產品徵收的10%關稅。

Where we manufacture most of our surgical and interventional breast health products. Shipments of both shipments of products to and from China represent the next largest portion, accounting for roughly 15% of the total.

我們的大部分外科和介入性乳房保健產品都在這裡生產。往返中國的產品的出貨量佔第二大份額，約佔總量的 15%。

Our team has been hard at work over the last 90 days evaluating options to reduce this tariff impact through changes to our global supply chain and operating model and various procurement efforts, we expect to mitigate roughly half of the amount we originally provided.

在過去的 90 天裡，我們的團隊一直在努力評估透過改變我們的全球供應鏈和營運模式以及各種採購努力來減少這種關稅影響的方案，我們預計將減少最初提供的金額的大約一半。

This means we now expect to incur $10 million to $12 million in tariffs per quarter. Of course, this is based on tariffs as they stand today and is subject to change. With that, I'll hand the call over to Karleen.

這意味著我們現在預計每季將產生 1,000 萬至 1,200 萬美元的關稅。當然，這是基於目前的關稅，可能會改變。說完這些，我就把電話交給卡琳。

Thank you Essex, and good afternoon everyone. In my comments today, I will start by walking through the rest of our non-GAAP income statement. Then touch on several key financial metrics and finish with our guidance for fiscal Q4 in the full year.

謝謝埃塞克斯，大家下午好。在今天的評論中，我將首先介紹我們的非 GAAP 損益表的其餘部分。然後談到幾個關鍵的財務指標，並最終給出我們對全年第四財季的指導。

In the third quarter, we delivered EPS of $1.08 growing modestly versus the prior year and exceeding the high end of our guidance range. Strong execution on the top line helped to achieve these results with all our global divisions meeting expectations in the quarter.

第三季度，我們的每股收益為 1.08 美元，與去年相比略有增長，並超過了我們預期範圍的高端。強勁的營收執行力幫助我們實現了這些業績，我們所有全球部門在本季度都達到了預期。

Now to the rest of the income statement.

現在來看看損益表的其餘部分。

Non-GAAP gross margin closed the quarter at 60.3%, representing an 80 basis points decline compared to the prior year.

本季非公認會計準則毛利率為 60.3%，較上年同期下降 80 個基點。

This decrease was driven by product mix, but also by a reserve recorded in our skeletal health division based on our plan, discontinue sales of our flu scan insight system at the end of the fiscal year. This is a strategic decision based on the product's low gross margin and growth potential and limited fit in our portfolio.

這一下降不僅是由於產品組合所致，也是由於我們根據計劃在骨骼健康部門記錄的儲備金，即在財政年度結束時停止銷售流感掃描洞察系統。這是基於該產品的低毛利率和成長潛力以及與我們產品組合的有限契合度而做出的策略決策。

Laura scan is expected to generate about $18 million of product and service revenue in fiscal 2025 before we stop selling it next year. I should also mention that cost of goods sold included about $1.4 million of tariff expense in the third quarter. Less than anticipated, in part as a result of our mitigation efforts.

預計 Laura Scan 將在 2025 財年創造約 1,800 萬美元的產品和服務收入，之後我們明年將停止銷售它。我還應該提到，第三季的銷售成本包括約 140 萬美元的關稅費用。低於預期，部分原因是我們採取了緩解措施。

Moving down the P&L.

降低損益。

Third quarter operating expenses of $309.6 million increased 2.2%. This increase was driven by the inclusion of Endomag and Gynasonics in our results, as well as increased expense related to our deferred compensation plan.

第三季營運費用為 3.096 億美元，成長 2.2%。這一增長是由於我們的業績中納入了 Endomag 和 Gynasonics，以及與我們的遞延薪酬計劃相關的費用增加。

Excluding these acquisitions, operating expenses would have declined 4.3%. Underscoring our commitment to disciplined expense management and operational efficiency across the organization. Third quarter operating margin finished at 30.1%, representing a decrease of 110 basis points compared to the prior year but still best in class relative to our peers.

不包括這些收購，營運費用將下降 4.3%。強調我們對整個組織嚴格的費用管理和營運效率的承諾。第三季營業利益率為 30.1%，較上年下降 110 個基點，但與同業相比仍處於最佳水準。

This decrease reflects the dilutive impact that Endomag and Gynasonics currently have on our bottom line. As we continue to integrate these acquisitions, however, we do expect their profitability to improve, especially since both already have gross margins that are creative to our corporate average.

這一下降反映了 Endomag 和 Gynasonics 目前對我們的底線產生的稀釋影響。然而，隨著我們繼續整合這些收購，我們確實預期它們的獲利能力將會提高，特別是因為它們的毛利率已經高於我們的企業平均值。

Below operating income, other income net was a loss in a fiscal third quarter of slightly less than $6 million. This was better than anticipated as the increasing value of investments related to our deferred compensation plan largely offset the increase we saw in G&A expense from strong equity market performance in the quarter.

低於營業收入的是第三財季的其他淨收入，虧損略低於 600 萬美元。這比預期的要好，因為與我們的遞延薪酬計劃相關的投資價值的增加在很大程度上抵消了本季度強勁的股票市場表現導致的一般及行政費用的增加。

Finally, our tax rate in Q3 was 19.25% as expected. Altogether, net margin for the quarter was a very healthy 23.8%, decreasing 100 basis points compared to the prior year, but increasing 60 basis points sequentially.

最後，我們第三季的稅率符合預期，為19.25%。總體而言，本季淨利潤率達到非常健康的 23.8%，與前一年相比下降了 100 個基點，但比上一季增加了 60 個基點。

Combined, these results led to non-GAAP earnings per share of $1.08 slightly exceeding our bottom line commitment. Our strong profitability helps to drive excellent cash generation as we delivered $343 million of operating cash flow in the third quarter.

綜合起來，這些結果導致非公認會計準則每股收益達到 1.08 美元，略微超過了我們的底線承諾。我們強勁的獲利能力有助於推動出色的現金產生，因為我們在第三季度實現了 3.43 億美元的營運現金流。

We finished the quarter with $1.88 billion in cash and short term investments on our balance sheet and a net leverage ratio of 0.6 times.

本季結束時，我們的資產負債表上有 18.8 億美元現金和短期投資，淨槓桿比率為 0.6 倍。

We also refinanced our credit agreement earlier this month, so we continue to enjoy tremendous financial and strategic flexibility.

我們也在本月初對我們的信貸協議進行了再融資，因此我們繼續享有巨大的財務和戰略靈活性。

Now let's move on to our updated non-GAAP financial guidance for the full fiscal year and fourth quarter. For the fourth quarter, we're expecting total revenue of $1.03 billion to $1.04 billion in non-GAAP EPS in the range of $1.09 to $1.12.

現在讓我們來看看我們更新後的整個財年和第四季度的非公認會計準則財務指引。對於第四季度，我們預計總營收為 10.3 億美元至 10.4 億美元，非 GAAP 每股收益在 1.09 美元至 1.12 美元之間。

I would point out that based on our good performance in Q3, the sequential step up that is required in Q4 is much less than we previously forecasted. At the midpoint of these ranges, we expect mid-single digit revenue growth and high single digit EPS growth in the fourth quarter.

我想指出的是，基於我們在第三季的良好表現，第四季所需的連續成長幅度遠低於我們先前的預測。在這些範圍的中間點，我們預計第四季度的收入將實現中等個位數成長，每股收益將實現高個位數成長。

This would mark a return to our longer term goals for financial performance. For the full year, we are also calling up the midpoints of our guidance ranges for revenue and EPS based on our strong performance in the third quarter, as well as lower tariff headwinds.

這將標誌著我們回歸長期財務業績目標。對於全年而言，我們還將根據第三季的強勁表現以及較低的關稅阻力來調高收入和每股盈餘指引範圍的中點。

We now expect revenue in the range. Change of $4.081 billion to $4.091 billion in non-GAAP EPS of $4.23 to $4.26. All in all, remain on the financial improvement path that we outlined earlier this year, stabilization in Q2, progress in Q3 and a return to growth in Q4.

我們現在預計收入將在這個範圍內。非公認會計準則每股收益為 4.23 美元至 4.26 美元，變動幅度為 40.81 億美元至 40.91 億美元。總而言之，我們將繼續保持我們今年早些時候概述的財務改善路徑，即第二季度保持穩定，第三季度取得進展，第四季度恢復成長。

As our teams continue to execute on this plan, our divisional outlook from our prior guidance remains largely unchanged. However, there are a few trends worth calling out for the fourth quarter.

隨著我們的團隊繼續執行該計劃，我們對部門的先前指導前景基本保持不變。然而，第四季有幾個趨勢值得關注。

In breast health, as Steve and Essex discussed, we expect to return to slight top line growth in the 4th quarter.

在乳房健康方面，正如史蒂夫和埃塞克斯所討論的，我們預計第四季度營收將恢復小幅成長。

Compared to the prior year, our diagnostics business outside the United States will continue to be affected by the difficult operating environment in China and reduce funding for our HIV tests in Africa. In surgical, we expect to benefit from an easy comparable period in Q4 of fiscal '24, coupled with better commercial execution.

與前一年相比，我們在美國以外的診斷業務將繼續受到中國艱難的經營環境的影響，並減少我們在非洲的愛滋病毒檢測資金。在外科手術方面，我們預計將受益於 24 財年第四季輕鬆的可比時期，加上更好的商業執行。

As a result, we anticipate in the fourth quarter will be our strongest quarter of revenue growth for the year. In skeletal, we anticipate outsized growth in the fourth quarter as we'll be comping against a full quarter of the DXA stop ship in the prior year period.

因此，我們預計第四季將是我們今年營收成長最強勁的一個季度。在骨骼方面，我們預計第四季度將出現大幅成長，因為我們將與去年同期 DXA 停止出貨的整個季度進行比較。

In 2026, however, skelter revenue will be less than in recent quarters, as we will have fulfilled pent up demand and stopped selling our flu scam product. To help with a few other modelling items based on recent foreign exchange rates, the weaker US dollar should represent a tailwind of approximately $6 million in the fourth quarter.

然而，到 2026 年，由於我們將滿足被壓抑的需求並停止銷售我們的流感騙局產品，因此 Skelter 的收入將低於最近幾季。為了幫助根據最近的外匯匯率進行其他一些建模項目，美元走弱應該會在第四季度帶來約 600 萬美元的順風。

We expect COVID assay sales to be about $5 million in the fourth quarter and sales of COVID-related items to be about $25 million.

我們預計第四季 COVID 檢測試劑銷售額約為 500 萬美元，COVID 相關產品銷售額約為 2,500 萬美元。

Finally, we expect blood screening revenue of about $5 million in Q4. As a reminder, both COVID-related sales and blood screening revenue are backed out of our organic growth calculations.

最後，我們預計第四季度血液篩檢收入約為 500 萬美元。提醒一下，與 COVID 相關的銷售額和血液篩檢收入均不計入我們的有機成長計算中。

Moving to the rest of the P&L.

轉到損益表的其餘部分。

Our full year expectations for growth and operating margins in the low 60s and low 30s respectively remain unchanged. In the fourth quarter, we do expect to incur about $8 million of tariff expenses, and as Essex said, this number will increase to $10 million to $12 million on a quarterly basis in fiscal 2026.

我們對全年成長和營業利潤率分別達到 60% 出頭和 30% 出頭的預期保持不變。在第四季度，我們確實預計將產生約 800 萬美元的關稅費用，正如 Essex 所說，這一數字將在 2026 財年按季度增加到 1000 萬至 1200 萬美元。

While this is roughly half what we originally expected, it will still represent a headwind to gross margin of almost 100 basis points compared to this year.

雖然這大約是我們最初預期的一半，但與今年相比，這仍將對毛利率造成近 100 個基點的阻力。

Below operating income, we estimate that other income net to be an expense of approximately $20 million in the fourth quarter.

在營業收入之下，我們估計第四季其他收入淨額約為 2000 萬美元的支出。

Our annual effective tax rate of 19.25% and diluted share account of $228 million shares for the full year are both unchanged from our previous guidance.

我們的年度有效稅率為 19.25%，全年稀釋股份帳戶為 2.28 億美元，兩者皆與我們先前的指引相同。

To conclude, our strong third quarter results were an important step in the right direction as we delivered revenue and non-GAAP EPS above our guidance ranges. We expect to build on this momentum in the fourth quarter, and we believe we are well positioned to finish the year from a position of strength as we enter fiscal '26.

總而言之，我們強勁的第三季業績是朝著正確方向邁出的重要一步，因為我們實現的收入和非公認會計準則每股收益高於我們的預期範圍。我們預計第四季度將延續這一勢頭，我們相信，在進入 26 財年時，我們已做好準備，以強勁的勢頭結束這一財年。

With that we ask the operator to open the call for questions.

我們請接線生打開電話回答問題。

(Operator Instructions) Doug Schenkel, Wolf Research.

（操作員說明）Doug Schenkel，Wolf Research。

Hey, good afternoon. Thank you for taking my questions. So just I'll throw up two. First, you talked about continued progress you made in fiscal Q3. And you're expecting around 4.5% organic growth in Q4, which would be the strongest since the pandemic. The Street is modelling a continuation of trends in fiscal '20 recognizing we have to wait another quarter for formal guidance. Are there any dynamics we should be contemplating in our models, either tailwinds or headwinds that could move you off trend towards continued progress and continued momentum into fiscal '26.

嘿，下午好。感謝您回答我的問題。所以我只會吐出兩個。首先，您談到了您在第三財季的持續進展。您預計第四季度的有機成長率約為 4.5%，這將是自疫情爆發以來最強勁的成長。華爾街正在模擬 20 財年趨勢的延續，同時也意識到我們必須再等一個季度才能獲得正式的指引。我們的模型中是否應該考慮任何動態因素，無論是順風還是逆風，都可能使您偏離持續進步和持續發展勢頭的趨勢，從而進入 26 財年。

And then just the second question is, we have heard about some China DRG impact in the quarter for other diagnostic companies. I don't think this would be a meaningful factor for you guys, but I just want to make sure there was nothing there that had impact for you guys in the quarter.

第二個問題是，我們聽說本季中國 DRG 對其他診斷公司產生了一些影響。我認為這對你們來說不是一個有意義的因素，但我只是想確保本季沒有任何事情對你們產生影響。

Yeah, Doug, I'll just start off with the outlook for '26. Agreed, I think we sent our prepared remarks that we're expecting mid-single digit growth for '26. I think a couple of things that I would call out is the flu scan discontinuation. We talked about that.

是的，道格，我將從 26 年的展望開始。同意，我想我們已經準備好了評論，我們預計 26 年將實現中等個位數成長。我想我要指出的幾件事是停止流感掃描。我們討論過這個。

It's not terribly significant but call that out. And the other piece is that the headwinds that we are realizing this quarter and next quarter related to China and HIV will also impact the first half of fiscal '26. So, I would factor that, implications into your outlook for next year.

雖然這不是很重要，但還是要說出來。另一點是，我們本季和下個季度意識到的與中國和愛滋病毒有關的不利因素也將影響 26 財年上半年。因此，我會將其影響納入您對明年的展望。

Jack Meehan, Nephron Energy.

傑克‧米漢 (Jack Meehan)，Nephron Energy。

Thank you and good afternoon.

謝謝，下午好。

Hey, Jack.

嘿，傑克。

I want, I wanted to ask you about capital allocation in the quarter. It was a very strong quarter cash flow didn't expect the balance sheet cash to tick up. I was curious what your thoughts are around M&A. Are there any larger things in the funnel that you were considering?

我想問您有關本季資本配置的問題。本季的現金流非常強勁，沒想到資產負債表現金會增加。我很好奇您對併購的看法。您是否正在考慮漏斗中的更大的東西？

No, not particularly. I think the way to think about it, Jack, is through the year-to-date we spent over $750 million on buybacks and you know it's sometimes a little more than a quarter, sometimes a little less overall feel good about what we have done, and certainly we'll continue both to focus on M&A and buybacks, but there was nothing, gearing up to do something big.

不，不是特別。傑克，我認為應該這樣想：今年迄今為止，我們在回購上花費了超過 7.5 億美元，你知道，有時比四分之一多一點，有時少一點，總體來說，我們對所做的事情感覺良好，當然，我們將繼續專注於併購和回購，但沒有什麼，準備做一些大事。

Got it. And then wanted to follow up on the breast health business. Good to see the progress. I agree that was the key word here. Was just curious, you feel like within the overall company context looking into 2026, how you feel about the reception around the new product launch and also just durability against replacement, continuing to progress in the next year.

知道了。然後想跟進乳房健康業務。很高興看到進展。我同意這是這裡的關鍵字。只是好奇，您覺得在 2026 年的整體公司背景下，您對新產品發布的接受度以及對替代產品的耐用性有何看法，以及在明年是否會繼續取得進展。

Yeah, I think really as we think about not only next year but the next few years starting to feel like we've really got the hiccups behind us in that business and we're going to be end of lighting a lot of the older gantries will be launching vision and, very excited about what that's going to bring, and that's really a, call it second half later '26 before that really starts to be meaningful and that's going to be a big driver probably in '27, '28, '29.

是的，我認為，當我們考慮明年，而且考慮未來幾年時，我們開始感覺我們在這個行業中已經真正擺脫了障礙，我們將結束照明工作，許多舊的龍門架將啟動願景，我們對這將帶來什麼感到非常興奮，這真的是一個，稱之為26年下半年，然後才真正開始變得有意義，這可能會成為27年、28年、29年的一個重要驅動力。

As you well know, and the other part I would keep your eyes on will be the interventional business. Yeah, you might notice that hit $100 million this quarter for the first time and it's starting to become a really nice driver and really starting to pay off that vision we put in place years ago of the breast care continuum and really starting to get that business which is both recurring revenue and better margins, and we're feeling really excited about where that's headed.

眾所周知，我希望您關注的另一部分是介入業務。是的，您可能會注意到本季該數字首次達到 1 億美元，並且它開始成為一個非常好的驅動力，並真正開始實現我們多年前製定的乳房護理連續性的願景，並真正開始獲得既能帶來經常性收入又能帶來更高利潤的業務，我們對它的發展方向感到非常興奮。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Hey guys, thanks for the question. Steve, maybe a follow up there on, hey, maybe a follow up there on the breast side. (technical difficulty) Can you just talk about the visibility into 4Q, certainly a big focus from investors in our conversations, just the progress there, the step up, it sounds like you guys are confident in the rebound here.

嘿夥計們，謝謝你的提問。史蒂夫，也許可以跟進一下，嘿，也許可以跟進乳房方面的情況。（技術難題）您能否談談第四季度的可見性，這當然是我們談話中投資者關注的重點，只是那裡的進展，進步，聽起來你們對這裡的反彈很有信心。

It sounds like maybe some of the sales changes are bearing fruit, but can you just talk about the (technical difficulty) building blocks [32 to 42] to get back to growth? Sounds like interventional you're feeling pretty good about, but just curious how you're thinking about the visibility here into the 4Q return to growth on the breast side.

聽起來也許一些銷售變化正在取得成果，但您能否談談恢復成長的（技術難度）建置模組 [32 到 42]？聽起來您對介入治療感覺很好，但我好奇您如何看待第四季度乳房恢復生長的可見性。

Yeah. It starts with the sales force and the rigor and discipline and processes and leadership that's been put in there where just as we're coming into the quarters now, we've got much more clarity around where we're headed. We're getting off to better starts in the quarter and feeling really good.

是的。這一切都始於銷售團隊以及其中所體現的嚴謹性、紀律性、流程和領導力，就在我們進入新季度之際，我們對我們的發展方向有了更清晰的認識。本季我們開局更好，感覺非常好。

And that team now has hit what they've said they're going to hit each of the last few quarters and just our degree of confidence and belief in them has gone really high. So I think we're feeling really good about that.

現在，這支球隊已經實現了他們在過去幾季中所說的目標，我們對他們的信心和信任度已經非常高了。所以我認為我們對此感覺非常好。

The other part that will be nice is Endomag as we said, is running well ahead of plan in the final two months of this quarter, that starts to flip into organic revenue because we've just actually closed it just about a year ago today almost. And so we're really excited about how that continues to go. So it's just one of these that I think we went through a little rough period on Breast Health. Again, it's going to be continuing to show me, but we can see the trends and really starting to feel so much better about that business. Proof of be one, obviously, we want to put back real growth in the coming quarter and then have that really accelerate.

另一個好消息是，正如我們所說，Endomag 在本季度的最後兩個月的運行遠遠超出了計劃，它開始轉化為有機收入，因為我們實際上大約在一年前就關閉了它。因此，我們對這一進展感到非常興奮。所以我認為我們在乳房健康方面經歷了一段艱難時期，這只是其中之一。再說一次，它會繼續向我展示，但我們可以看到趨勢，並真正開始對這項業務感覺好多了。顯然，證據之一是，我們希望在下一季恢復實際成長，然後真正加速成長。

I think we see our Breast Health business being even stronger next year than where we'll even finish this year. But before we move up --- Yeah, go ahead.

我認為我們的乳腺健康業務明年會比今年更加強勁。但在我們繼續之前 --- 是的，繼續吧。

No, after you. Sorry, I was just going to say, Karleen, maybe on the margins, can you just talk about, obviously there's some move pieces, right, with the tariffs and even this product discontinuation, can you talk about where we're going to be on 4Q?

不，你先來。抱歉，我只是想說，卡琳，也許在邊緣方面，您能否談談，顯然有一些變動，對吧，例如關稅，甚至該產品停產，您能談談我們第四季度的情況嗎？

It sounds like below 30 is a good place to be, and then what the right launching point is as we think about just progressing into '26. I know it's usually not the exit rates. I just want to make sure we're thinking about it correctly. Thanks so much.

聽起來 30 以下是一個不錯的選擇，那麼當我們考慮進入 26 歲時，正確的起點是什麼？我知道這通常不是退出率。我只是想確保我們正確地思考了這個問題。非常感謝。

Yeah. We are expecting a step up Q3 to Q4 on gross margins. It starts for us the revenue with higher revenue and similar to the product mix with the higher gantry portion of the revenue. Those are margin accretive. And then coupled with Q4 is always seasonally our lowest operating expense quarter.

是的。我們預計第三季至第四季的毛利率將會上升。它為我們帶來了更高的收入，並且與產品組合類似，龍門架的部分收入更高。這些都是利潤增值的。再加上第四季始終是我們季節性營運費用最低的季度。

And then we won't have the onetime charges that we had here in Q3. I think the outlook I would say the Q2 operating margin is not our jumping off point for the full year, '26. I would look to the full year of '25 as more of the jumping off place for margins. We would expect that as we absorb the incremental tariffs, we will be in line with '25 in that range.

然後我們就不會再有第三季的一次性費用了。我認為第二季的營業利潤率並不是我們 26 年全年的起點。我認為 25 年全年將是利潤成長的起點。我們預計，隨著我們吸收增量關稅，我們將與該範圍內的 25 保持一致。

Hey Patrick, sorry I interrupted there, but I wanted to just come back to Doug's question a couple questions ago we kind of got interrupted there.

嘿帕特里克，很抱歉我打斷了你，但我只是想回到道格幾個問題之前的問題，我們有點被打斷了。

Yeah, on China. So sorry about that. We're not directly exposed to a lot of the specific issues that some of our peers are in China, but as we talked about last quarter, it has become a pretty challenging environment for us for a number of reasons. So as we predicted, total China was less than a $10 million business for us in the third quarter and was down more than 50% compared to prior year. So I just wanted to tie that one up.

是的，關於中國。對此我深感抱歉。我們並沒有像一些同業那樣直接面臨中國市場所面臨的許多具體問題，但正如我們上個季度所談到的，由於多種原因，中國市場對我們來說已經成為一個相當具有挑戰性的環境。因此，正如我們預測的那樣，第三季我們在中國的整體業務額不足 1,000 萬美元，與去年同期相比下降了 50% 以上。所以我只是想把這個連結起來。

Alright, next --.

好的，接下來--.

Vijay Kamar, Evercore.

維傑·卡瑪 (Vijay Kamar)，Evercore。

Hi, Steve. Thanks for taking my question. Helpful color on fiscal year '26 returned back to a solid mid-single. The -- are we -- excluding, -- is COVID had been, Steve, are we backing that up when you say mid singles, and I know floors can, that's moved to disc ops, should we be removing that and then and then calculating organic, excluding COVID and, disc ops or how you think you were organic, when you say solid mid singles the 4,4 plus or is that more of a 5,5 plus.

你好，史蒂夫。感謝您回答我的問題。26 財年的有益色彩回歸到穩固的中路。我們是否排除了 COVID，史蒂夫，當您說中單打時，我們是否支持這一點，我知道樓層可以，這已經轉移到光盤操作，我們是否應該將其刪除，然後計算有機物，不包括 COVID 和光盤操作，或者您認為您是有機物的，當您說穩定的中單打是 4,4 加，還是更像 5,5 加。

Yeah, no, yeah, we, when we talk about the mid-single digits, I would say the ex-COVID is really inconsequential at this point, so I wouldn't push the number up, because of that.

是的，不，是的，當我們談論中等個位數時，我想說，目前為止，COVID 的影響真的無關緊要，因此我不會因此而推高這個數字。

I'm sorry on floor skin, Karleen is that should be back that out when we're calculating organic.

很抱歉，關於地板皮膚，卡琳 (Karleen) 是在我們計算有機物時應該將其撤回的。

Yeah, we do organic if that's a discontinued product I'd back that out.

是的，我們是做有機產品的，如果這是停產的產品，我會放棄。

Yeah, understood. And Steve, one on Endomag, I think that this business grew like 100% and a quarter rate, was it, was there any timing I mean I think you're analyzing at $80 million. If this thing can grow like strong double digits, right this, it could be in, sizable organic contributor. So was there any one-off in NCQ like what is driving this, strength in the business?

是的，明白了。史蒂夫，關於 Endomag，我認為這項業務成長了 100% 左右，有沒有時間點？我的意思是，我認為你分析的是 8000 萬美元。如果這個東西能夠像強勁的兩位數成長，那麼它可能會成為相當大的有機貢獻者。那麼 NCQ 中是否存在任何一次性事件來推動這項業務的發展？

No. It's really our commercial execution. We took it over fully in the United States. If you recall, when we acquired this, it was going through a different party that had the distribution rights in the United States. We took it over at the very end of our previous quarter, and it looked a little sloppy last quarter because we had an inventory adjustment as we bought back inventory this and that.

不。這確實是我們的商業執行。我們在美國全面接管了它。如果你還記得的話，當我們收購這個產品時，它是透過另一個在美國擁有分銷權的機構進行的。我們是在上一季末接手的，上一季看起來有點混亂，因為我們在回購庫存時進行了庫存調整。

This -- the magic of this business right now, I would tell you just from watching daily sales is it's just incredibly steady and growing. And I think it's where we feel really, really good.

這就是——這個行業的神奇之處，我只要觀察一下每天的銷售額就能知道，它現在的銷售額非常穩定，而且還在不斷增長。我認為這是我們感覺非常非常好的地方。

Our whole team was just over in the UK about a month ago. with the team over there that had developed the products and no one-offs. And I think both domestically and internationally, we feel really good about where it's headed.

大約一個月前，我們整個團隊剛來到英國，那裡的團隊已經開發了產品，而且沒有一次性產品。我認為，無論在國內或國際，我們都對它的發展方向感到非常滿意。

Yes sir.

是的，先生。

Thank you.

謝謝。

Great, thanks Vijay.

太好了，謝謝 Vijay。

Lu Li, UBS.

盧莉，瑞銀。

Great, thank you for taking my questions. I think the first one on the molecular diagnostic, I think you mentioned that you're going to have a test menu expansion on fusion. I wonder if you can comment a little bit on the timing and the potential revenue contribution down the road. Thank you.

太好了，謝謝你回答我的問題。我認為第一個是關於分子診斷的，我想您提到您將對融合進行測試選單擴展。我想知道您是否可以對時機和未來的潛在收入貢獻發表一些評論。謝謝。

Yeah, I would think that those assays will come online probably later in '26, early in '27, so probably not meaningful contribution next year more in the '27, '28, but I would just caution that these are what I'll call incremental assays to the menu. They're not a BV CV/TV type opportunity.

是的，我認為這些檢測可能會在 2026 年末或 2027 年初上線，所以明年可能不會有太大的貢獻，尤其是在 2027 年和 2028 年，但我要提醒的是，這些就是我所說的菜單的增量檢測。它們不是 BV CV/TV 類型的機會。

A good example of that is the open channel product that's available now did contribute to growth in the quarter but is relatively small in the grand scheme of things.

一個很好的例子是，現在可用的開放通路產品確實對本季的成長做出了貢獻，但從整體來看貢獻相對較小。

Got it. And Karleen, I think one of the questions I wanted to follow up on is the size of the China impact and HIV impact in 2026. So you mentioned there will be some residual happens in the first half. I wonder, can you quantify what will be the magnitude of that?

知道了。卡琳，我想繼續追問的一個問題是 2026 年中國和愛滋病毒的影響規模。所以你提到上半年會有一些殘留事件發生。我想知道，您能否量化這個數字的量級？

Yeah, so I think in the in the first half of '25, our China business was more on track to be a $60 million to $70 million business. We're exiting more at a $10 million a quarter, so that's the ruffle difference in the first half of the year.

是的，所以我認為在 2025 年上半年，我們的中國業務預計將達到 6,000 萬至 7,000 萬美元。我們每季的退出金額為 1000 萬美元，這就是今年上半年的差異。

And I'm trying and then there's the HIV. The HIV business was stronger in our first quarter and a half, really our first two quarters, and we're assuming that's going to, the minimus numbers, in the next year.

我正在努力，但後來卻出現了愛滋病毒。在我們的第一個半季度，實際上是前兩個季度，愛滋病毒業務表現更強勁，我們預計明年這一數字將會達到最低水平。

All right, got it. Thank you.

好的，知道了。謝謝。

Anthony Petrone, Mizuo Group.

安東尼佩特隆 (Anthony Petrone)，Mizuo 集團。

Hey Anthony.

嘿，安東尼。

Anthony, you will need to a mute for us to hear you.

安東尼，你需要靜音我們才能聽到你的聲音。

Sorry, hopping between, hi, apologies for that. I was on mute. Thanks and congrats on a solid quarter here. I think I want to maybe just focus on fusion for a moment there and you gave some good updates.

抱歉，跳來跳去，嗨，對此我深感抱歉。我處於靜音狀態。感謝並祝賀本季業績穩健。我想我可能只想暫時關註一下融合，而你給了一些很好的更新。

Last quarter and the prepared remarks here and the goal is to get fusion of 100% of Panther. Maybe could we get an update on, the fusions that are out there today just where is their utilization intensity versus a non-fusion platform and then how does pricing on a fusion platform stack up the non-fusion assays and I'll have one quick follow up thanks.

上個季度和這裡準備好的評論的目標是實現 Panther 100% 的整合。也許我們可以了解目前存在的融合的最新情況，與非融合平台相比，它們的利用強度如何，然後融合平台的定價與非融合分析相比如何，我會快速跟進一下，謝謝。

Yeah, so let me start off to clarify that the goal is not for every panther to have a fusion. It's really for every customer or every lab to have a fusion capability within the lab. We never anticipated that it'd be a one for one situation, but I would say is, I think it's still plenty of run room in rolling out more fusions to our customers probably over a third of our customers have a fusion.

是的，首先我要澄清的是，我們的目標並不是讓每隻黑豹都實現融合。事實上，每個客戶或每個實驗室都應該在實驗室內擁有整合能力。我們從未預料到這會是一對一的情況，但我想說的是，我認為在向客戶推出更多融合方面仍有足夠的運行空間，可能有超過三分之一的客戶擁有融合。

At this point and that will continue to grow over our strategy horizon period and I would say just from a pricing perspective, of course the women's health assays, the legacy assays are obviously the least pricing, on the legacy panthers so we would expect that as the menu rolls out on fusion it'll probably it'll be a pricing premium.

目前，這一數字將在我們的策略期限內繼續增長，我想說，僅從定價的角度來看，當然女性健康檢測、傳統檢測顯然是定價最低的，因此我們預計，隨著菜單在融合方面的推出，它可能會有一個定價溢價。

That's helpful and then just on the mammography side gantry obviously next year 2026 looking for more of a meaningful ran but just maybe on the inventory build.

這很有幫助，然後僅在乳房 X 光攝影側機架上，顯然明年 2026 年會尋求更有意義的運行，但可能只是在庫存建設上。

And working capital, should we expect to see, working capital uptake here in the second half of the year as the company prepares, more for that full launch next year. Thanks.

至於營運資本，我們是否應該預期，隨著公司為明年全面推出產品做準備，下半年營運資本的吸收將會增加。謝謝。

No Anthony, I would not anticipate an increase in inventory to support that launch at this period of time. Yeah, I think we're well positioned to handle that. Many of the components are similar to our legacy, 3D gantry, so, I wouldn't expect any meaningful change.

不，安東尼，我預計目前庫存不會增加，以支持該產品的發布。是的，我認為我們有能力處理這個問題。許多組件與我們傳統的 3D 龍門架類似，因此，我預計不會有任何有意義的變化。

Andrew Brackmann, William Blair.

安德魯布拉克曼、威廉布萊爾。

Great, hi everyone, good afternoon. Thanks for taking questions. Steve, you opened the call sort of discussing your confidence and returning to that mid-single digit growth, not just for '26, but it sounded like over the entire strap plan?

太好了，大家好，下午好。感謝您的提問。史蒂夫，你在電話會議開始時討論了你的信心以及恢復中等個位數增長，不僅僅是針對 26 年，而且聽起來像是針對整個捆綁計劃？

So can you maybe talk about that target in the context of how international plays into the build up there and then as my follow up maybe just talk about how pricing, and your ability to take price plays into that as well? Thanks.

那麼，您能否在國際因素如何影響這一目標的背景下談論這一目標，然後我的後續問題可能只是談論定價以及您如何考慮價格的影響？謝謝。

Yeah, I think as we look over the strap plan horizon we see international being accretive to that growth rate with kind of again, probably some caveats. The beginning of next year might be a little squirrely because of the Africa stuff because of China, but in general over both really the bulk of '26 and beyond, we see international continuing to be a really nice grower. To that point and then, regarding pricing, we probably see it a little bit more of our opportunities is in mix and new product innovation versus actual, kind of year over year price increases we're looking at, targeted price increases here or there where we can, but in general it's much more about the innovation curve, so it's more of a mixed game than a price game.

是的，我認為，當我們回顧計劃範圍時，我們會看到國際業務對這一增長率產生積極影響，但可能也存在一些警告。由於中國等非洲國家的情況，明年年初可能會有點不穩定，但總體而言，在26年的大部分時間及以後，我們預計國際市場將繼續保持良好的成長勢頭。到那時，關於定價，我們可能會看到，我們的機會更多在於組合和新產品創新，而不是實際的、我們正在關注的逐年價格上漲，以及我們盡可能地有針對性地提高價格，但總的來說，這更多的是關於創新曲線，所以它更多的是一場混合遊戲，而不是價格遊戲。

Great, thanks for that.

太好了，謝謝。

Thank you.

謝謝。

Navann Ty, BNP Paribas.

法國巴黎銀行的 Navann Ty。

Hi, thank you. Just a clarification on breast health, so have the updated end of life strategy and refocused Salesforce been fully implemented in Q3? So we have most results in Q4 and minimal impact in in Q3, and then on the M&A, side, can you discuss the M&A environment in in what for? Thank you.

你好，謝謝。只是對乳房健康進行澄清，那麼更新的生命終結策略和重新調整的 Salesforce 是否已在第三季全面實施？因此，我們在第四季度取得了最多的成果，而在第三季的影響最小，那麼在併購方面，您能討論一下併購環境的作用嗎？謝謝。

Sure, on the breast health piece, I think what we're really encouraged by is typically when you reorganize the salesforce, you have to take a step back or two, and I think our team implemented really the Salesforce restructure largely in our second quarter and if we would have seen the disruption, it usually would have been in this third quarter -- and the teams have really settled in very nicely.

當然，在乳房健康方面，我認為我們真正感到鼓舞的是，當你重組銷售團隊時，你必須退後一步或兩步，我認為我們的團隊在第二季度真正實施了 Salesforce 重組，如果我們看到了混亂，通常會在第三季度出現——而且團隊已經很好地適應了。

On that, so we feel very good and it was really just this quarter where they began the end of life strategy. So that's in the early stages, but with some very good early wins, and I think we've already seen some lined up here for this quarter, which is our fourth quarter and then looking into next year. In terms of the M&A environment, we, I'd say there's two pieces.

對此，我們感覺非常好，實際上他們就是在這個季度開始實施生命週期終止策略的。所以這還處於早期階段，但已經取得了一些非常好的早期勝利，我認為我們已經看到了本季度的一些成果，這是我們的第四季度，然後展望明年。就併購環境而言，我認為有兩個面向。

One is we continue to be patient and looking for more things like the Endomag's and the Gynesonics is. On the Biotheranostics that have been on more recent deals and we've also dramatically strengthened our own capabilities over the last few years and both in the divisional area and corporately to where we feel really good about those last few, and we've continued to walk away from more things than we're acquiring, but I feel like the deal, the funnel of size deals that we like is very good right now, but actionability, we'll continue to see and we're going to be patient and do it from a position of strength.

一是我們繼續保持耐心並尋找更多像 Endomag 和 Gynesonics 這樣的東西。關於最近達成的生物治療學交易，我們在過去幾年中也大大增強了自身的能力，無論是在部門領域還是在公司層面，我們對最近的交易感到非常滿意，我們放棄的東西比收購的多，但我覺得這筆交易，我們喜歡的規模交易渠道現在非常好，但可操作性，我們會繼續觀察，我們會耐心地從實力的角度去做。

Thank you, that's very helpful.

謝謝，這非常有幫助。

Right, thank you.

好的，謝謝。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Hi everyone, this is [Izzy] on for Ryan. Thank you for taking the question. Just one for me on tariff impacts. It's great to see that you guys have been able to mitigate about half of what you called out last quarter. I was just curious if you, or if you could provide a little bit more color on the steps you took that allowed you to get to this rate, and if you have any more levers as we move into next year just given the fact that this is still a pretty dynamic situation. Thanks for taking the question.

大家好，我是 Ryan 的 [Izzy]。感謝您回答這個問題。我只想問一個關於關稅影響的問題。很高興看到你們已經能夠緩解上個季度所呼籲問題的一半左右。我只是好奇您是否可以提供更多細節，說明您採取了哪些措施來實現這一比率，以及考慮到這仍然是一個非常動態的情況，在我們進入明年時您是否還有更多槓桿。感謝您回答這個問題。

Yeah, well, we certainly continue to evaluate the situation and to your point this can change daily, but basically we leveraged operational efficiencies within our supply chain to drive those changes, and just for competitive reasons we're not going to comment any anything more specifically.

是的，我們當然會繼續評估情況，正如你所說，這種情況每天都會發生變化，但基本上我們利用供應鏈中的營運效率來推動這些變化，出於競爭原因，我們不會更具體地評論任何內容。

Casey Woodring, JP Morgan.

凱西‧伍德林，摩根大通。

Hi guys, thanks for taking my questions. Maybe the first one, can you just unpack the breast imaging revenue number in the quarter you mentioned 3D gantry placements grew sequentially, but imaging revenue declined sequentially, so just maybe, some more color there and then you know how you're thinking about gantry placements and imaging revenues stepping up in in 4Q.

大家好，感謝你們回答我的問題。也許是第一個問題，您能否解釋一下本季度乳房成像收入數字，您提到 3D 機架放置數量連續增長，但成像收入連續下降，所以也許，那裡有更多的細節，然後您就知道您是如何考慮機架放置數量和成像收入在第四季度上升的。

Yeah, so, it's within that imaging line there's more than just the 3D Gantry, so the 3D Gantry line itself did sequentially increase quarter over quarter. There were some other components that were down quarter on quarter, but definitely the 3D was up. And I think to Steve's comments, looking into Q4 we we're absolutely expecting another sequential uptake in the number of gantry 3D Gantry shipped in Q4, and we, feel really confident and we have a much better visibility at this point in this core than we even did in Q3 so that's what gives us confidence that we'll be able to deliver that uptick in gantry.

是的，因此，在該成像線內不僅僅有 3D 龍門架，因此 3D 龍門架線本身確實逐季度連續增加。其他一些組件的季度環比有所下降，但 3D 肯定有所上升。我認為，正如史蒂夫所說，展望第四季度，我們絕對預計第四季度 3D 龍門架的出貨數量將再次連續上升，我們感到非常有信心，並且我們在這個核心階段的可見性比第三季度要好得多，所以這讓我們有信心能夠實現龍門架數量的上升。

Got it. That's helpful. And then if I can just squeeze one more in, just how should we think about the diagnostic set up, for fiscal '26, molecular is becoming a larger part of the base here, as is BV CV/TV and Biotheranostics within that revenue line item.

知道了。這很有幫助。然後，如果我可以再擠進一個，我們應該如何考慮診斷設置，對於 26 財年，分子正在成為這裡基礎的更大組成部分，就像 BV CV/TV 和生物治療學在該收入項目中一樣。

So just curious at one at what point that, you'll run into the law of large numbers there and ultimately where do you think diagnostics growth will shake out, relative to that mid single digit range for next year. Thank you.

所以我只是好奇，在什麼時候你會遇到大數定律，最終你認為診斷成長會如何波動，相對於明年的中等個位數範圍。謝謝。

Yeah, I'll start off, for next year I think we expect diagnostics to be within that mid-single digit range and primarily because of that first half headwinds that we talked about that are pressuring. The growth in both cytology and molecular because of China and the HIV. So we feel really great about the diagnostics business. I think we called out BV CV/TV still lots of runway there, just a couple of headwinds in the first half of '26, but over the longer term we expect diagnostics to be a strong contributor to our growth.

是的，首先，我認為明年我們預計診斷率將在中等個位數範圍內，這主要是因為我們談到的上半年的逆風帶來了壓力。由於中國和愛滋病毒，細胞學和分子學均有所發展。因此，我們對診斷業務感到非常滿意。我認為，我們所說的 BV CV/TV 仍然有很多發展空間，只是在 26 年上半年遇到了一些阻力，但從長遠來看，我們預計診斷將成為我們成長的強大貢獻者。

Yeah, the core business of our molecular, our panthers, the expand expanding Panthers with our fusions and then bringing more menu on there, we've got a really good. Short and midterm outlook for the diagnostics business and even our genius digital diagnostics has been, breathing some life into cytology, keeps that, from certainly declining and very low growth, but overall, continue to be very excited about the opportunities despite it getting much bigger.

是的，我們分子的核心業務，我們的黑豹，透過融合擴大黑豹，然後在那裡帶來更多的菜單，我們得到了非常好的。診斷業務的短期和中期前景，甚至我們的天才數位診斷，為細胞學注入了一些活力，使其免於下降和非常低的增長，但總的來說，儘管它變得更大，但仍然對機會感到非常興奮。

Thank you.

謝謝。

Great thanks Kate.

非常感謝凱特。

Mason Carrico, Stephens.

梅森·卡里科，史蒂芬斯。

Good afternoon. This is Harrison on for Mason. Thanks for taking the questions. Could you talk about the benefits you're seeing so far selling Endomagnetics through your direct sales force? How's that initial transition played out and could you talk about the demands you're seeing from your customers there?

午安.這是哈里森 (Harrison) 代替梅森 (Mason) 上場。感謝您回答這些問題。您能否談談迄今為止透過直銷人員銷售 Endomagnetics 所獲得的好處？最初的轉變進行得如何？您能談談那裡的客戶的需求嗎？

Yeah. I think we're feeling really good based on the fact that we sold on is $20 million of Endomag in the quarter. And the other benefit that we have is by bifurcating the sales force. As we also indicated, we saw organic growth of about 6% in the interventional line. So, what we've got now is more dedicated sales force is able to really focus in on that customer group and feeling really good about where that's headed.

是的。我認為我們感覺非常好，因為我們本季銷售了價值 2000 萬美元的 Endomag。我們獲得的另一個好處是將銷售隊伍分成兩部分。正如我們所指出的，介入治療業務的有機成長率約為 6%。因此，我們現在擁有更專注的銷售隊伍，能夠真正關注該客戶群，並對未來發展方向感到非常滿意。

Great and in the breast health business, are you seeing early signs from the commercial reorg starting to bear fruit there and how is demand shaped up following instituting that initiative?

很好，在乳房保健業務中，您是否看到商業重組的早期跡象開始產生效果，以及在實施該計劃後需求如何形成？

Yeah, sure, so I think as we said in our prepared remarks and you highlighted here that we're seeing great traction early on. Typically, when you have a disruption in the sales force reorg, you might take a step back, but clearly, we have not taken a step back here in the third quarter. and feel good about the commercial leadership in a lot of the plans they've put in place from reorg of the sales team to the end-of-life strategies and getting ready listen vision launch in '26.

是的，當然，所以我認為正如我們在準備好的發言中所說的那樣，並且您在這裡強調的那樣，我們很早就看到了巨大的吸引力。通常，當銷售團隊重組出現中斷時，您可能會退後一步，但顯然，我們在第三季並沒有退後一步。並且對他們制定的許多計劃中的商業領導感到滿意，從銷售團隊重組到終止策略，並準備在 26 年推出願景。

Tyco Peterson, Jeffrey.

泰科彼得森，傑弗裡。

Yeah, hi, this is Jack on for Tyco. I appreciate you taking our question. Just on genius cytology which you touched on the call. It would be great if you could share some metrics that you're seeing regarding penetration or growth that can sort of help frame the contribution of the new product and sort of its contribution to the second level growth.

是的，你好，我是泰科公司的傑克。感謝您回答我們的問題。剛才您在電話中提到了天才細胞學。如果您可以分享一些有關滲透率或成長的指標，以幫助確定新產品的貢獻及其對第二級成長的貢獻，那就太好了。

Yeah. So we haven't really put out any metrics that we're going to share publicly, but I'll just offer a couple of comments. One, from a -- from a revenue model perspective, a lot of the elements of the cytology selling the collection kit do not change. What does change is that we get an uptick on the digitization of the image, which enables the AI capabilities within our Genius platform. What I'd also say is that this is a significant workflow change within the lab.

是的。因此，我們實際上還沒有公佈任何可以公開分享的指標，但我只想提供一些評論。首先，從收入模式的角度來看，銷售細胞學收集試劑盒的許多元素並沒有改變。真正改變的是，我們在影像數位化方面取得了進步，這使得我們的 Genius 平台能夠發揮 AI 功能。我還想說的是，這是實驗室工作流程的重大變化。

So the rollout has been slow and measured given the significance of the change. But despite that, the feedback is overwhelming positive of what this enables from an efficiency.

鑑於此一變化的重要性，其推出過程十分緩慢且謹慎。但儘管如此，對於其在效率方面所取得的成果，回饋卻非常正面。

And hopefully, at some point, clinically, we'll be able -- will support further detection of cancers and the like. So I just feel really good about this product and what it's doing for the Cytology business.

希望在臨床上，我們能夠進一步檢測癌症等。因此，我對這款產品以及它對細胞學業務的貢獻感到非常滿意。

Okay. Then I guess sticking on this theme of cytology and HPV here. You've seen a fair bit of news on HPV self-collect lot of the reference labs are coming out of commercialized offerings for self-collection that use competitor collection systems and I'm just curious how you guys are viewing this development, if it's a greenfield opportunity that would be nice down the road to have or if you're looking at it like necessity that might be taking some share away from the in-office volumes that you.

好的。那我想繼續討論細胞學和 HPV 這個主題。您已經看到了不少關於 HPV 自我收集的新聞，許多參考實驗室都推出了使用競爭對手採集系統的商業化自我採集產品，我只是好奇你們如何看待這一發展，這是否是一個未來值得擁有的全新機會，或者您是否將其視為必需品，可能會從您的辦公室內採集量中分走一些份額。

Yeah, I think at the highest level we view this as expanding the market and getting more testing out there to women that maybe don't have access to a gynecological exam and to have a speculum exam to capture the specimen appropriately. So we have, we partner with some of the labs to have select as well. So again, we view this as expanding the market.

是的，我認為從最高層面來看，我們認為此舉可以擴大市場，讓那些可能無法進行婦科檢查的女性能夠接受更多的檢測，並可以透過窺器檢查適當地獲取標本。因此，我們也與一些實驗室合作進行選擇。因此，我們再次將此視為擴大市場。

Operator, I think we have time for maybe one more question.

接線員，我想我們還有時間再回答一個問題。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yeah. hi, Steve, Karleen. The first one -- thanks, Steve. So first one, maybe on the Gantry side, I mean, 2,000 legacy units that you have out there, with the change in the commercial strategy and the actions you're taking, can you elaborate a little bit about how do you see that conversion in the last quarter here and then '26? And how should we think about maybe on an annual basis? I know Steve used to give that number for sort of Panther, but I just wanted to know on this side of the business, how do you think about these legacy gantries getting replaced?

是的。嗨，史蒂夫，卡琳。第一個——謝謝，史蒂夫。那麼首先，也許在 Gantry 方面，我的意思是，您擁有的 2,000 個傳統單位，隨著商業策略的變化和您採取的行動，您能否詳細說明您如何看待上一季以及 26 年的轉換？那我們應該如何考慮年度因素呢？我知道史蒂夫曾經給 Panther 提供過這個數字，但我只是想知道，從業務的這個角度來說，您如何看待這些傳統龍門架的更換？

Yeah. I think we see them kind of steadily improving is the way I would keep thinking about it, Puneet, that we'll sell more this quarter than last quarter and then I think continuing to strengthen next year. Candidly, the end-of-life ones are more ones that will convert to our existing product and then envision because by definition, are a lot of the older ones that people hadn't upgraded or whatever had for a while and might not have been the leading adopters. And then we see Envision really kicking in on top of that later next year. really for a lot of the thought leaders and being exciting.

是的。我認為我們看到它們正在穩步改善，Puneet，我會繼續思考這個問題，我們本季度的銷量將超過上一季度，然後我認為明年將繼續增強。坦白說，那些即將停產的產品更多的是那些將轉換為我們現有產品然後進行設想的產品，因為根據定義，它們都是許多人們有一段時間沒有升級或升級過的舊產品，並且可能不是領先的採用者。然後，我們將看到 Envision 將在明年晚些時候真正發揮作用。對許多思想領袖來說，這確實令人興奮。

So I think, again, we view that our worst days in Breast Health, we had the speed bumps. But as we have both better commercial execution and the new product coming next year, feeling really good about where we're headed.

因此，我認為，我們認為，在乳房健康領域最糟糕的日子裡，我們遇到了障礙。但由於我們擁有更好的商業執行力和明年即將推出的新產品，我們對我們的發展方向感到非常滿意。

Got it. And then, I mean, if I may ask about -- again, I don't think you were expecting a USPSTF question, but the USPSTF members, as you saw, the committee has been first and there's an expectation new members are going to come in. Just wanted to get your thoughts on the legacy assays, if there's an impact to that is the co-testing fully intact as a result. And how are you thinking about this change, which sort of happened recently?

知道了。然後，我的意思是，如果我可以問一下——再說一次，我認為您沒想到會問到 USPSTF 的問題，但是正如您所見，USPSTF 成員是第一批委員會成員，並且預計會有新成員加入。只是想了解您對遺留檢測的看法，如果這會產生影響，那麼聯合檢測是否會完全完好無損。您如何看待最近發生的這種變化？

I think at the end of the day, we're looking at it as women's health and the tests that we're involved with are all going to be very important and there. And it's positive for women's health, positive for the payers and economically makes a lot of sense. So the short-term machinations and turmoil there, as you've watched USPSTF with us for years and years, doesn't have much of a quarterly impact or even an annual impact on us because of fundamentally what we're doing. So we just kind of keep our heads down. We get the payers covered and feel good about where we're headed.

我認為，最終我們會將其視為女性健康問題，我們所參與的測試都將非常重要。這對女性健康有利，對付款人有利，從經濟角度來看也很有意義。因此，正如您多年來與我們一起觀察的 USPSTF 那樣，那裡的短期陰謀和動盪不會對我們產生太大的季度影響，甚至不會對我們產生年度影響，因為從根本上說，我們正在做的事情。所以我們只是保持低調。我們為付款人提供了保障，並對我們的發展方向感到滿意。

So, thanks.

所以，謝謝。

And ladies and gentlemen, that concludes today's conference call. Thank you everyone for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連線。